There is no greater investment than your child’s education. And it’s important to know that there are financial aid options available to help you fund their future.
Expenses & Aid
There is no doubt that boarding school provides an exceptional education experience for students. Still, for families that choose this path it requires a significant investment. Thankfully, there are many ways to help families finance their child’s private school education.
The Financial Aid Office
If you have financial questions, start by reaching out to the boarding school’s financial aid office. They can walk you through the various options available to you.
In general, these are the most common types of financial aid that boarding schools offer:
Need-based Financial Aid
Need-based financial aid is offered as a grant that does not need to be repaid. Because the money comes directly from the school’s budget, families are asked to demonstrate and document their need for aid. Most of our TABS member schools use the Parents’ Financial Statement from the School and Student Service for Financial Aid (SSS), which is administered by the National Association of Independent Schools (NAIS).
For more information, reach out to the financial aid office at the school where you are applying. They can provide detailed guidance on your financial aid options, and a list of the application deadlines.
Some schools offer scholarships to students who are especially accomplished in academics, athletics or the arts. These scholarships tend to be highly sought after, and do not need to be repaid.
Tuition Loan and Financing Programs
Some schools, banks, and other lending agencies offer tuition loans. They are credit-based loans, which means they require credit checks, and must be repaid with interest over a predetermined period of time. Interest rates for tuition loans are typically better than the rates for most consumer loans. For more details, contact the financial aid office at the school where you are applying.
Tuition Payment Programs
Many lending agencies offer tuition payment programs to help families manage their boarding school costs. They are not considered loans, rather a way for you to break your tuition bills into manageable payments over the course of the academic year. You will not be charged interest on the installments, but there could be enrollment fees. For more details, contact the financial aid office at the school where you are applying.